The 2008 Executive Budget Document
Virginia Retirement System
Mission Statement
The Virginia Retirement System’s mission is to provide superior customer service in the delivery of retirement related benefits on behalf of participating Virginia public employers and their employees and to serve as stewards of the funds in our care.
Operating Budget History
General Fund | Nongeneral Fund | Positions | |
---|---|---|---|
2005 Appropriation | $ 78,000 | $ 32,251,252 | 257.00 |
2006 Appropriation | $ 78,000 | $ 33,304,775 | 261.00 |
2007 Appropriation | $ 78,000 | $ 39,011,476 | 281.00 |
2008 Appropriation | $ 78,000 | $ 47,330,452 | 283.00 |
General Fund | Nongeneral Fund | Positions | |
---|---|---|---|
2009 Base Budget | $ 78,000 | $ 47,330,452 | 283.00 |
2009 Addenda | $ 0 | $ 10,403,345 | 13.00 |
2009 Total | $ 78,000 | $ 57,733,797 | 296.00 |
2010 Base Budget | $ 78,000 | $ 47,330,452 | 283.00 |
2010 Addenda | $ 0 | $ 13,878,345 | 14.00 |
2010 Total | $ 78,000 | $ 61,208,797 | 297.00 |
Recommended Operating Budget Addenda
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Distribute Central Appropriations amounts to agency budgetsAdjusts the agency budget to reflect amounts moved from Central Appropriations to cover the cost of items such as the continuation of 2007 and 2008 salary and health insurance premium increases, as well as changes in retirement and disability contribution rates and other centrally funded items. For each year, $2.2 million (NGF).
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Provide an additional employer representative to support local school divisionsProvides the funding required for an additional employer representative to help employers prepare for the increase in retirement eligible employees in local school divisions. This additional representative is needed to help serve a projected increase in the number of future retirees. For 2009, $84,940 (NGF) and one position. For 2010, $84,940 (NGF).
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Establish additional in-house investment programsProvides the additional funding required to move the administration of certain investment assets from external fund managers to the Virginia Retirement System in-house investment staff. This change will result in significant cost savings, reduced risk in the investment portfolios, additional market insights obtained that can be used through-out the entire retirement fund, and additional assurance that important controls are maintained and enhanced throughout the agency's investment department. For 2009, $3.3 million (NGF) and 10 positions. For 2010, $3.3 million (NGF).
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Continue Modernization ProjectProvides funding for the continuation of the Virginia Retirement System modernization project. This effort involves the improvement of customer services through the reengineering of business processes and the upgrade of technology systems. This project will enable the Virginia Retirement System to better serve the employers, employees, and retirees of the various benefit programs administered by the agency. For 2009, $4.7 million (NGF) and one position. For 2010, $8.2 million (NGF) and one additional position.
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Implement self-administered long term care programProvides an additional position for the state's long-term care program. This additional position is required to convert the program from a third-party administrator to a self-managed fund. For 2009, $76,356 (NGF) and one position. For 2010, $76,356 (NGF).